GDP per capita in Poland
Poland - GDP per capita (Euros)
GDP growth accelerates in Q1
GDP growth accelerated to 8.5% year on year in the first quarter, from 7.6% in Q4 2021. Meanwhile, on a seasonally-adjusted quarter-on-quarter basis, economic growth rose to 2.5% in Q1, compared to the previous quarter's 1.8% expansion.
The improvement in the year-on-year print was spearheaded by a sustained accumulation of inventories. Meanwhile, private consumption growth slowed to 6.6% year on year in Q1, from an 8.0% expansion in Q4. Fixed investment growth came in at 4.3% in the quarter (Q4: +5.2% yoy). Moreover, public consumption growth decelerated to 0.6% (Q4: +4.0% yoy).
On the external front, exports of goods and services growth slowed to 2.0% in Q1, marking the weakest result since Q2 2020 (Q4: +6.1% yoy). In addition, imports of goods and services growth softened to 8.8% in Q1 (Q4: +12.2% yoy), marking the slowest reading since Q1 2021.
Commenting on the outlook, Rafal Benecki and Adam Antoniak, economists at ING, stated:
“The coming quarters should bring a slowdown of GDP from 8.5% yoy to about 2% yoy in Q4 2022. However, the high starting point implies that average annual GDP will be about 4.7% higher this year than in 2021. The main factors driving GDP growth down are the supply constraints, i.e. potential material shortages and supply disruptions due to the war and zero-Covid policy in China, uncertainty undermining private investment, and weaker exports not only to eastern trade partners but to western partners as well (eurozone).”
FocusEconomics panelists forecast the economy to expand 4.8% in 2022, which is unchanged from last month’s estimate. For 2023, our panelists see growth at 4.1%.
Poland - GDP per capita (EUR) Data
|GDP per capita (EUR)||11,321||11,236||12,308||13,105||13,934|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||2.07||-0.30 %||Dec 31|
|Exchange Rate||3.79||-0.53 %||Jan 01|
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August 3, 2022
The S&P Global Manufacturing Purchasing Managers' Index (PMI) came in at 42.1 in July, down from 44.4 in June.
July 28, 2022
Business confidence fell to 15.6 in July from June's minus 13.0.
July 27, 2022
At its meeting on 7 July, the National Bank of Poland (NBP) raised the key reference rate by 50 basis points from 6.00% to 6.50%.
July 25, 2022
Industrial production expanded 10.4% year on year in June (May: +14.9% yoy).
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Retail sales grew 19.9% year on year in June (May: +23.6% yoy).